Mainland users playing US stocks generally fall into two categories: one group buys stocks and holds them long-term, learning from Duan Yongping. These people entered the market early, some even being employees of major internet companies, benefiting from the glory days of Chinese concept stocks. Even if their brokerage accounts get blocked, they have backup plans. The other group plays weekly/monthly options, betting on big price swings. Futu built its foundation by serving this crowd. The needs of the first group are currently well-covered by Ondo, but the user experience is just average based on testing. In the future, OKX might do a better job meeting these needs. A major use case here is creating on-chain custom synthetic ETF products, which could open up an entire banking-grade wealth management market. This could genuinely help DeFi break into the trillion-dollar market space. The needs of the second group are partially covered by contracts, but aside from the hype, liquidity on other exchanges is generally mediocre (especially Binance). At its core, this depends on how aggressively exchanges subsidize liquidity. Once they attract a group of active users, it can generate continuous profits. If contract volumes grow large enough, they can further meet options demand and achieve full product line coverage. Another player worth paying close attention to here is Coinbase. After acquiring Deribit, their product line is now complete. What they need next is proper integration and building liquidity (the hardest step). Over the years, OKX has always been at the forefront of the times, from inscriptions to on-chain innovations to crypto-stocks, always staying one step ahead. But they haven’t managed to turn a profit from it before. In the payments space, Binance and other projects with traditional backgrounds have already taken the lead with high daily active users and dominance in emerging markets. Perhaps this wave of crypto-stocks is a once-in-a-lifetime opportunity for them.